3 comments:

I have always wondered whether there would be a public clash between those who advocate peak oil as a prime concern and those who advocate anthropogenic global warming as a prime concern.

After all, you have one side that suggests that the biggest threat to human standards of living is lack of energy, and another side that suggests that too much energy and carbon footprints threaten human standards of living.

Peak oil is rot. It is intuitively believable because it is based on the asinine principle that: oil is scarce. It's a bit like the Quantity Theory of Money. Because money causes inflation... right? Same 'logic'.

The recent investment drive in oil shows that we are far from oil scarcity -- very far. High prices drive more expensive extraction techniques and boost production (duh...).

But this is irrelevant. Anyone paying close attention to the oil market recently knows that it is being manipulated. The fist hint was the extent of the crash in price in 2008:

And then once you take this 'Red Pill' and see how far the rabbit hole goes, you find that the financial markets have essentially taken over the oil market. QE has worsened the speculation of course. Well, at leats Bernanke and King got some inflation out of it, eh?